LLP (Limited Liability Partnership)

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.

It contains the elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

Following are some features of LLP:

  • LLP is a separate Legal Entity distinct from its partners

  • LLP Formation required minimum 2 partners with no limits on maximum numbers of partners

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